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Wednesday, February 22, 2006

Rising Housing Bubble Floats Many Middle Class Losers

In Business Week, Michael Mandel makes a nice correlation between rising home values and the Democrats inability to get any traction criticizing the borrow and spend Republican economic policies.

Middle class workers aren't feeling the decline in real earnings--about $1,100 per year, between 2000 and 2004--because more of them own homes and have offset those losses through the wonder of home mortgage refinancing.